Are you getting started in the vacation rental business in Summit County, Colorado?
Or are you simply looking to learn how to improve your return on investment (ROI)?
If you are, then you’ve come to the right place.
When it comes to the vacation rental business, there are a lot of things to consider. Marketing, calendars, taxes, regulations, welcome baskets, cleaning fees – the list goes on and on.
As you have probably heard before – success is the result of hard work and failure. That said, we advise you to skip the latter part and focus more on the former.
With that in mind, here are 8 common vacation rental owner mistakes to avoid.
Your vacation rental’s description should be detailed as much as possible. However, don’t make it too wordy, as most guests will choose to skip it altogether. The perfect description should be anywhere between 300 and 400 words.
When writing the description, make sure to:
There are certain things your headline should convey. A good headline should:
Include all these details in about 70 characters or so.
This is a mistake that one too many vacation rental property owners make. “A picture speaks a thousand words” – this adage couldn’t be more accurate. Quality images draw the attention of a prospective guest much quicker.
In fact, high-quality photography has become so important that professional and drone photography have become industry practice.
Thus, to have a competitive advantage, invest in a high-quality photography service. While it’ll cost you a little bit of money, it can go a long way in increasing bookings.
One of the responsibilities of a vacation rental owner is to list their property on multiple channels to help increase the exposure it gets, which should also improve your bookings.
Some of the top vacation rental listing sites include Airbnb, HomeAway, VRBO, Booking, TripAdvisor, Homestay, and OneFineStay.
Additionally, there are many softwares that are available to help you list across multiple channels with a click of a button.
Guest reviews are something the vacation industry can’t live without. A review can make or break your vacation rental investment. In fact, 78% of consumers think other travelers’ online reviews are vital for deciding where to stay.
This is why no vacation rental host can afford to ignore asking their guests for a review.
The following are a couple of ways to ask a guest for a review:
Do I need special insurance for my vacation rental?
This is a question many new landlords often ask themselves.
Yes, you need special insurance coverage for your property.
A landlord policy is designed for a tenant-occupied property, while homeowners insurance is designed for an owner-occupied home.
Just like other covers, vacation rental insurance helps cover damage, loss or theft on the property.
Having a slow response rate is one of the quickest ways to ruin your vacation rental business. Many years ago, responding to inquiries within 24 hours was considered the industry’s best practice.
However, today the responses need to come quicker than that. As a savvy host, try to respond no later than in one hour.
Make your listing as detailed as possible. This means ensuring to itemize all amenities and property attributes. These should include things like:
The aforementioned are 8 common mistakes that all rental property owners should avoid at all costs. Doing so will help you stand out from the competition, and therefore get more engagements for your vacation property.
If you’re looking for a professional vacation rental property management company to ensure that you avoid these costly mistakes, don’t hesitate to contact us today!